The Transatlantic Trade and Investment Partnership (TTIP) aims to open up trade and investment between the European Union (EU) and the United States (US), which together make up 40% of global economic output. The EU and the US have their eyes on more than just removing the remaining low tariffs, which currently stand on average at around just 4%. The main hurdles to trade comprise so-called “behind the border” regulations, “non-tariff barriers” and red tape. Up to 80% of the gains from a trade deal are expected to come from the lower costs of bureaucracy and regulations arising from a deal, as well as from opening up trade in services and public procurement (purchases of goods and services by governments and local authorities). The key phrase is regulatory cooperation, creating similar regulations from the outset, rather than having to try to adapt them later. A more integrated transatlantic marketplace would respect each side's right to regulate the protection of health, safety and the environment at a level it considers appropriate. But by aligning their domestic standards, both sides could set the benchmark for developing global rules, benefiting EU and US exporters, and the wider global trading system.